Attending a Home Auction

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Published: Tuesday, January 06, 2009

We've all seen them, late night infomercials advertising foreclosures in Riverside County, with invitations to attend real estate auctions. The prices look good; opening bids usually starting around 79k. Your wondering can they really be that low. Yes they can.

Now in order to attend a real estate auction there are a few things that you should get in order. This article will discuss the rules for entrance.

• First things first. You need to have your financing in order. Most real estate auctions require that you have an approval letter from your own funding source or gain approval through one of their preferred lenders.
• In addition to an approval letter you'll need a cashier's check. Typically the cashier's check should be in the sum of $2500. Some home auctions require a $5000 cashier's check. The check should be made payable to yourself. If you are planning on purchasing more than one piece of property you should anticipate having a cashier's check for $5000-$10,000 for each piece of property.
• A photo identification issued by a government agency (driver's license, passport, etc.)
• A personal check or sufficient amount of cash to pay the balance of your 5% Earnest
• Money Deposit. (15% Earnest Money Deposit is required for each additional property.)

REDC hosts real estate auctions in Riverside County. Take a moment to browse through their inventory to discover just what types of property they have available.

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